GBP/USD
We were stopped out for 50 pips loss on the bounce out of support yesterday. Price went on to take out the range lows and give us a new AB swing.
FOR TODAY:
We are waiting for a B low to form. Once we have a B low we can draw fibs to see where we can short this pair at the 618/786.
Long trade setups are only considered on a BF786, which for now is a long way off.
SHORT: Will be going short only IF:
Price rallies to the 618/786 of this AB swing still to be confirmed. Place stop above the high of the cs formation, max 1.5% risk, limits for 618 is 100 pips and the 786 is a ST to the BF786.
If we don’t get the setup we are looking for then we don’t trade.
LONG: Will be going long today only IF:
We can only go long on a BF786 trade setup, but first we need a B to form, then a swing high and a test of the B low by hitting the BF786, until then no trade setup for a long trade.
If we don’t get the setup we are looking for then we don’t trade.
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